The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There can be little question that getting a mortgage is a complicated process. You wouldn't be visiting our site if you could fill out a simple loan app and receive a great loan funded in one day. But Hill Valley Financial Services Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in getting a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where Hill Valley Financial Services Inc. will begin to save you money. You will give us details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we have reviewed this information we provide a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan that's right for you.

Step three: apply for your loan

After you've signed the offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. Finally, we will order an appraisal of your new home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date to close. Since you will not have to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and all the details of moving into your new house.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! We do the legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-657-3311. It's our job to answer lending questions, so we're happy to help!